Tag: IoT

A look at the economic impact of IoT

The Internet of Things (IoT) essentially works by giving devices an ability to network and communicate with other devices. It combines the physical world with the digital; everyday objects are infused with technology for an exclusive online identity, to be able to interact with the external environment, and to deliver more value, explains business professional Steve Sorensen.

Today, IoT is already disrupting various industries, offering an array of sensors that detect all kinds of dangers and risks in businesses, rewarding customers who’ve fully committed to such devices, and penalizing culprits like hackers. It should continue to further automize and increase efficiency and cost savings, even as it improves companies’ bottom lines.

The central feature of embedded technology in IoT devices will lead to great reductions in waste, especially of perishable goods and materials lost due to manufacturing issues. Also, by allowing increased and even real-time access to data, IoT will lead to better and timely business decisions. The economy is already benefiting from IoT’s ushering of more-connected mobile devices, allowing both individuals and companies to rely on apps for fast transactions.

But more importantly, the Internet of Things is greatly increasing the variety of available jobs, particularly those related to data gathering, the development of analytics software, sales and maintenance of hardware, and data analysis. Soon, IoT’s effect on IT and modern customer support will become full-blown, even as the accompanying need for monitoring services increases, Steve Sorensen adds.

Steve Sorensen is a Certified Public Accountant and business writer from Colorado. He regularly monitors current economic conditions and the changing market, as well as consults on issues involving employee embezzlement. More on Steve and his work here.